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Electronics for Imaging, Inc. (NASDAQ:EFII)

2012 Citi Technology Conference Transcript

September 4, 2012 10:30 AM ET

Executives

Vincent Pilette - Chief Financial Officer

Analysts

Jim Suva - Citigroup

Asiya Merchant - Citigroup

Jim Suva - Citigroup

Good morning, everyone. And thank you for joining us here to Citigroup Technology Conference. This session is for Electronics for Imaging. My name is Jim Suva. I’m the IT Hardware and Technology Supply Chain Analyst here at Citi. On the stage we are very pleased to have with us the Chief Financial Officer, Vincent Pilette. Also on our stage is Asiya Merchant, who works with me.

To begin things, Vincent has a handful of slides, about 10 to 15 slides, just to give a brief overview of Electronics for Imaging, as well as some recent results and trends. I already have had a few investors approach me with a questions and my response has been, I think it’s a great opportunity to ask Vincent some questions. So we are going to reserve a majority of the time here for investor’s questions-and-answers.

As a reminder, this is being webcast. So we ask that you raise hand to make sure the microphone get to you. As a warning to let you know, not to be alarmed mid-way during this presentation, I will excuse myself as I hand hosting the keynotes, and I do have to go get some makeup put on, simply to look good, I do need to get a [tan] in between now and the next hour.

Accordingly, I’ll turn it over to wonderful, Vincent, as well as Asiya, and again, thank you for joining us. This is Vincent, the CFO of Electronics for Imaging. Vincent?

Vincent Pilette

Thank you, Jim. I’m coming from California the needs in the [tan] makeup. Good morning, everyone. This morning someone confused Electronics for Imaging with Electronic Arts. So I thought I would use a few slides to quickly give you an overview of what we are doing.

We are a company focus on developing hardware and software solutions for the print industry, and before I go into the market and the structure of the firm, let me just quickly refresh Q2 results.

Q2 finishing in June reported record revenue of $164 million, 16% year-over-year, and for our company it was the 10th consecutive quarter of year-over-year double-digit growth. For company -- technology company it’s not that extraordinary, for technology company addressing the print industry is definitely very good result.

We’ve had record revenue for a many of our segments that we are now have diversified into over the last few years, record revenue for our Inkjet segment, record revenue for our software business, record revenue for our recurring revenue, 10 years ago, if I was a transactional base company today we have about 26% our revenue stream on the recurring basis and that’s also maintenance and ink revenue.

We’ve been growing profit margin and EBITDA faster than revenue. We see here EPS in Q2 up 30% year-over-year versus revenue of 16%. And then, lately, we announced the sales of our headquarter building creating or increasing our cash per share of $3, when the transaction will be close in October we’ll have about $7 per share of cash no debt, 45% of our market cap in cash.

Considering the macro environment, we gave cautionary guidance for Q3 with growth of 2% to 5% and EPS of $0.25 to $0.27.

So we are a niche player. We’re focusing on developing technology solutions for the print industry. The overall print industry is over a trillion dollar is indicative decline, but within that there is lot of activities that are still produced in an analog way and that will move towards the digital way of producing printing, and that’s what, yes, I will be focusing on.

We’ve positioned our portfolio on those growth segments, transformative segments within that print industry and we’ve created an ecosystem of hardware, software, ink and maintenance solution if you want to help print professionals migrate toward those high-end, color on-demand type of print activity.

And we’ve transform our business model from 10 years ago being 100% control for multifunction printers into now being a diversified portfolio focusing on production and industrial printers migrating from analog into digital printing.

The market dynamics we’ve been leveraging over the last few years are three-fold. First, there is a lot of printing activities still migrating from black and white printing, high volume printing into the first analog short run color printing activity and as a result, as request a lot faster turnaround more CPU power, software power for print professional to produce those on-demand print material.

Secondly, there is a lot of industrial aspect of printing, like printing on labels, printing on ceramic, that are still very much analog today that are being transform as new digital solution are being introduced. Those are activity of printing as will not be indicative decline if there is no electronic counterpart if you want like in the up its way if I not or like any somebody do casual printing.

And then the third dynamic is that, commercial printers as industries consolidate have an increasing need for our robust software ERP tailored for their print production environment and have adapted software technology to automate their business processes. Those are the three fundamental market dynamics that we’ve been leveraging.

We organize the company in three segments. The first one is the industrial segment, about 45% of our revenue, long-term gross model of 10% to 15% and we’ve been delivering that for the last two and half years, its mix of printer revenue and ink revenue. Gross margin expanding as we introduce new product into the environment and as the ink revenue is also increasing as they install these increases.

The Fiery segment, that’s where EFI started, the controller for high-end multifunction printers becoming really and the client sitting in front of multifunction printers leveraging that more on-demand color quality printing that being required and in the -- and that’s about 35% of our revenue steam today growing at about GDP plus overall.

And then the third segment is the Productivity Software, ERP for print professionals automating the business processes for commercial and industrial print manufacturers or print producers. It’s a segment that is being going 10% to 20% on an organic basis and has been expanding the margin as we scale the software business.

You can see here that we have been the fast growing company for the print industry 2010, 26% supplying gross, 2011, 17%, in the first half 14% to 150 in Q2, the -- driven by gross in our two direct sales of business, the business where we sale directly to print professionals, the industrial Inkjet and the Productivity Software. And then we have Fiery, that’s more on a cyclical basis, on the long-term basis, having a gross more align to our GDP business.

Some investor asking me, how we’ve been posting those results by looking the print industry. And I think the main, the core of that is, how we position the portfolio, where we are not is in the analog and what we call the commodity printing.

So we not, we don’t have any analog revenue stream to offset and we don’t have, some of our product positions on what we call commodity printing, let take the office for example, these people will print less emails, people will print less presentation, that’s where we are not.

We are where people are really producing material as a profession if you want. Is the out-of-home advertising, labeling the ceramic, it’s those areas, and that’s what has enabled us at the core to produce the gross which has been produce.

Our total addressable market is around $4 billion, half of that is from the industrial Inkjet space where different industries are growing at different pace, whether it’s construction for ceramic or graphics, or out-of-home advertising for display graphics, but in which the growth rate have been accelerated by the transition from analog to digital.

After that we have the Productivity Software segments, $600 million display graphics, none has been, if you add the ERP for label market, growing at 5% to 7%. Overall, it’s a big market that still needs to be penetrated from a digital solution perspective.

EFI main competitive advantage is at the core of the technology that it brings basically an ecosystem of hardware and software integration to help with the process of making print production more efficient in the digital space.

As I mentioned about five to seven years ago, we posted record revenue quarter and the company was very different than today. Q2 of 2012, five years later is also record revenue but a much more balanced company.

At the time, the economy was strong, today obviously customers require very clear ROIs. Financing solutions are not as easy and the environment requires us to explain the ROI of our solution a lot better.

We had over 65% that’s coming from the controller Fiery business that takes down to 35% and the portfolio is a lot more balanced. We’ve build overtime a direct sales force, today about 68% of our revenue is coming from a direct sales force, when 10 years ago it was 100% to print manufacturers, so a very diversified go-to-market model as well.

We have the ecosystem as the main competitive advantage that compares have not replicated and we focus not only on innovation but also customer intimacy and operational excellence.

So that has enabled us to grow double-digit now for 10 quarter on a year-over-year basis and expand profit margin pretty healthily, as a result of gross margin expansion and OpEx leverage.

We’ve been focusing also on optimizing working capital and creating cash flow from operations at about one-time operating profit, so good cash generation business. And then as I mentioned, we have, at this point in time $92 million of cash and cash equivalent to which we are going to add $150 million of cash, net of tax from the building sales in California.

We established a long-term business model, about 10% year-over-year growth, with the main growth coming from the Inkjet segment and the software business. Gross margin in target model of 55% to 57%, we are at this point in time at the bottom of that range and going into that range, an OpEx leverage of 40% to 44%. For the first time last quarter, we are below the 44%.

And as business model continues to shift towards Inkjet solutions, we are going to have a lower OpEx rate. And that enabled us to get into the 12% to 15% operating profit margin, 12% in Q2 of 2012.

That’s in a nutshell what implies about a growing addressable market through the transition from analog to digital, very good solid momentum profit expansion in our core business. We have lots of new product innovation in the Inkjet and software space.

We’ve built some resilient in our business model, with now 26% of our revenue being recurrent. We’ve demonstrated obviously that we could operate on our initial opportunity and we have a very strong balance sheet at this point in time.

So, I’ll stop here.

Question-and-Answer Session

Jim Suva - Citigroup

Great. Thank you very much and thank, again, come have see with us here. So as we kind of look at things, maybe if I could start things off, the clock has 11 minutes. So actually have 10 additional minutes beyond that also for investor Q&A. But when we think about the big picture current demand environment, can you maybe characterize what you’re seeing to date from an end demand, say maybe, first half of the year versus currently as the evolving company?

Vincent Pilette

Yeah. So we have really two dynamics going on. The first one is in the direct business, what we call the direct business, which is really Inkjet and Software. We’ve been growing those businesses at around 40% year-over-year in the first half of 2012, some of that is coming from acquisitions. The organic growth is being double-digit in each of those product segments and we see that growth rate to continue in the second half of 2012 and going into ’13.

Now by quarter it maybe slightly different but at the core it’s really the migration from analog to digital, creating better ROI for print professionals and those trend are structuring nature and while they may impact the curve on the short-term due to macro volatility, we will see -- we will continue to see a strong growth.

So we’ve guided Q3 for those two businesses at 25% and 20% year-over-year, we see slightly lower than the first half, the difference is very good, healthy gross rate on an organic basis.

Jim Suva - Citigroup

And Vincent, any particular geographic areas that are stronger versus weaker?

Vincent Pilette

Yeah. And to talk about the geographic environment, the two dynamics were Inkjet and software, and the second dynamic is on the Fiery business on the controllers. And in that area, our growth rate is more aligned to the product innovation from the print manufacturers, our partners, semi terminals are recalled and we see 2012 being kind of the weak year with new products, multifunction products coming out more at the end of the year and first half of ‘13. So we still expect the second half of 2012 to be weak like in the first half as well.

From a geographic perspective, we’ve seen very good growth in Asia. Admittedly, still a small part of our business about 15% to 18%, so we’ve seen increasingly for high quality pricing where color on-demand printing starts to matter more and more. And in Q2, all of our business lines outside of Japan, in Asia we’re growing double digits, so very strong growth in Asia.

When we talk about more volatile and uncertain environment, obviously Europe comes to mind. Our end-users are still doing very good business and we measure that through basically the in-consumption, which we get daily reports on. We still see good activities from that perspective, but big capital purchases are being more questioned or pushed out considering the overall financing concern.

Jim Suva - Citigroup

So, as we think about your intended use of cash, you have a very healthy balance sheet. Can you talk about your priorities for cash such as stock buyback, which you gave this morning, had an important announcement that maybe you can remind people who are traveling here today?

Vincent Pilette

Yeah.

Jim Suva - Citigroup

Dividend, acquisitions and investors before the meeting start actually asking, why doesn’t the company go private?

Vincent Pilette

Yeah. So a couple of things. When we think about cash, my first focus and the first focus of the management team was through 2010 and 2011, coming out of the recession was to improve working capital and cash generation. We believe we’ll achieve a good momentum in 2011 generating cash from operations at about one-time operating profit. Last year it was $72 million.

So that’s the primary focus. When it comes to using that cash, our number one priority is to continue the momentum on M&A that we’ve had. We have a very good M&A framework. In software, we have a unique position where we are the number one player, having ERP sales for the print industry.

All competitors in that space are very small in nature with $100 million annual run rate of revenues compared to our $5 million to $10 million, and rolling up acquisitions there to acquire customer list is a priority, establishing each heads in different countries where we are not yet to be able to upsell our currency. It is a strategy you can -- you continue to see activities in that area. We didn’t do M&A framework of certain strategy to expand the addressable market.

We’ve acquired Cretaprint in January of this year. Basically, taking our ecosystem I talked about to move it from display graphic and labels where we were into now printing on ceramic tiles and bringing that expertise to the ceramic industry. And we continue to explore opportunity to increase this.

And so rolling up software, increasing international revenue stream and increasing addressable market. In the M&A strategy, you will see more active -- you’ll continue to see activity in that area in using cash. Second priority in term of cash usage is dividend. Sorry, it’s a buyback.

It’s a buyback. We’ve announced this morning a $100 million buyback which the board authorized. We intend to execute that in the next 18 months, finishing it hopefully by Jan of 2013. Obviously, we believe we undervalued with about half of our market captivity in cash to be less than half. Definitely buying back stock is a good opportunity and that’s what we started.

And then we -- post dividend, we continued to explore all different options to optimize cash usage but there is nothing in different to point to out.

Jim Suva – Citigroup

Great. And Vincent, when you look at it, rank the company as CFO and welcome with your executive management team, for investors who are looking at EFI for the big picture. What are some of the key factors? Do you look at unemployment rate? Do you look at GDP? Do you look at CPI? What are kind of the some of the bigger metrics that you look at as you run your company?

Vincent Pilette

So before joining EFI, I was at HP for 14 years and in that area, you can really look at unemployment GDP by country and that matters for your business. In our case, really a niche player and so it’s a lot more less relevant, I would say to look at the big mean driver.

I would say outside of Fiery where I would align Fiery to GDP type of growth. GDP plus because we had some opportunity to gain share and I can explain that. GDP for Fiery is the main one.

For the other businesses, you could look for ceramic tile printing construction for display, graphic, out of home advertising. For labeling, you can look at different things like food industry et cetera but in reality, we are positioned as the niche player trying to transform analogs into digital print production processes. And there is no big macro level there to measure.

And even if at GDP, for example, GDP is not as strong as we would want, you may still have a lot of print producers that seems force to automate the business pluses to move from analog into digital space, which give us the growth opportunity that we have.

Asiya Merchant - Citigroup

Great. I’ll carry forward for Jim. Can you talk a little bit about the competitive dynamics in your space?

Vincent Pilette

Yeah.

Asiya Merchant - Citigroup

Who are some of your major competitors? Obviously, HP, Xerox, Cannon, they are large printers.

Vincent Pilette

Yeah.

Asiya Merchant – Citigroup

But who else plays in this niche market that you’ve talked to us about?

Vincent Pilette

So couple of things. First, you need to look at bi-segment from a competitive perspective. There is no company that has a similar portfolio than EFI from that perspective. We are unique. When you look at Fiery, 35% of our revenue stream, we are almost -- we are the leading provider of third party digital front-end for multifunction printers.

The other competitor or third party CLEO that Kodak has, it has all of the dynamic associated with Kodak’s bankruptcy. I think they are convincing customers to when they buy multifunction printers to buy a digital front-end is really what we are working on and trying to get ship from CLEO and making sure we can increase the attach rate to a multifunction printer.

When you look at inkjet, 45% of our revenue stream, the two main competitors are HP and Durst. URC a private company in Europe, HP is present in display graphics and label. Durst is present in display graphics, labels and ceramic like we are. I would say there is different market share by market sub segments roughly about this insight in some of the market share.

But the company dynamic is very different and EFI’s unique proposition is to integrate the software solution, the information of the work flow with the hardware solution and ink solution and have an ecosystem that enables the print professionals to automate their business process.

Our vision is to have like a data center a live house print production model where there is no more need for laborer under print production flow is an example. And then when you come to software, it’s really a unique position. I think we remember one player by wide margin. The market juristic are very special in this very fragmented market and is still a lot of home growing [tools if you want some as] operations and to moving from home growing to professional ERP is the dynamic in that market.

Asiya Merchant - Citigroup

Okay. Talking a little bit about margins, clearly an impressive improvement in margins and you commented on how continued shift towards your Inkjet business will help to further drive your margins towards your long-term model. Can you comment -- can you elaborate on that a little bit?

Vincent Pilette

Couple of things or two or three dynamics happened in the P&L. So first of all, on pure segment rate business, we’d been working on improving operations, improving our cost structure and expanding the profit margin of each one of the individual business segment as you’ve seen on the chart.

When we talk about the overall EFI, we have a mix shift. Fiery is a very profitable business. Software is a very profitable business with software characteristics. Inkjet is profitable but with different characteristics, different gross margin, different operating profit margin. And so when you have this mix shift with more Inkjet and less Fiery, the difference we have in gross margin pressure and gross margin trending down. Some of that is upset by improvement in margin rate in software and inkjet but is not really enough to fully offset that.

However, inkjet also carries less OpEx, less R&D dedicated to software development like a software business in the inkjet space. And therefore the OpEx that an inkjet segment carries a percent of revenue is lower than a software segment and that helps us getting into this 40% to 44% long-term range of OpEx as a percent of revenue.

Last quarter was a first quarter we were within that range, on the sub end of the range and as we continue to migrate the business model, you can see that range diminishing.

Asiya Merchant - Citigroup

Okay. Any questions from investors, we have got 10 more minutes. And if you can please raise your hands, you’ll have the microphone.

Question-and-Answer Session

Unidentified Analyst

(Inaudible) new to the store, can you talk a little bit more about analog and digital transition. Why it’s important and why may be similar transitions in other parts of the printing industry didn’t pan out?

Vincent Pilette

Yeah. So different segment of the print industry has been digitized at different level. If you talk about display graphics, the out of home advertising, the billboards et cetera and from an output perspective, digital roughly used in different numbers but from 40%, 45% digital from an output view. And the dynamic is really driven by the market peers, the marketing people asking more on-demand personalized short and long timeframe where only the digital solution can provide that.

And so that has happened 10, 15 years ago and has been in full swing. When we talk about other areas, there are different stages. There are about printing on ceramic tile for example. They have penetrated about 10% digital within the acceleration of the penetration rate since 2009.

Before that it was fully analog in virtual prepresses and people coming with a lot of price inventories et cetera to produce and the Inkjet technology is now good enough for that manufacturing environment which is very dirty edit environment and the ROI has been very compelling for ceramic tile manufactures to up a different applications that Inkjet can offer, analog cannot offer. And so that has clearly the acceleration of the penetration rate and we believe that there is no limit, could be 100% digital in a few years and we were at the beginning of that process.

If you look at labels, its about 9.2% digital and it’s a slow adoption rate. And the two reasons for that, one is the technology from an Inkjet perspective for Inkjet to very small fonts on a box, medicine for example. The technology it not as equipped as the analog technology. And then the second driver is the supply chain in that industry has not we adapted to on demand packaging or labeling yet.

We believe it will happen, the question is when and the need for that the technology to have fully course to the analog price remain lot more same. So different dynamic in each industry, which create different space of adoption from analog to digital perspective.

Asiya Merchant - Citigroup

To Mike (inaudible).

Unidentified Analyst

Do you -- how do you confirm what I call the new generation of print companies just the print in the other on demand printers, there is another one that recently went public?

Vincent Pilette

Yeah. Yeah. So we cannot serve on the same dynamics. So Vistaprint is using basically internet collect your print job in Q1 and have massive print production environment to producing scale and lower the price and bit of on demand.

And offering if you want enables commercial printers to compete with that buying web-to-print software, for example to put their store online and also capture some of that demand online. So it basically offering similar dynamics then Vistaprint enabling those commercial printers to compete.

We brought a small company in Germany, December of last year when I visited them, one customer of that company we acquired was going to go bankrupt and rather than filling bankruptcy, they started to outsource their printing operations to bigger scale commercial printers and involved web-to-point solutions to just leave -- alive the share of the brand name in that local town and acquired job online and then outsource them to a bigger commercial printers. That’s one application of that kind of software. That’s why our software business has been going double digit now for -- from encore.

Asiya Merchant - Citigroup

Question here please.

Unidentified Analyst

Could you comment on the Wide-Format opportunity and how that’s maybe tied in with economy and marketing spend?

Vincent Pilette

Yeah. So obviously, the Wide-Format and Superwide-Format offering side to the out-of-home advertising dynamic if you want with billboards, point of purchase signage et cetera are being now printed in a digital way on demand personalized and short run. The out-of-home advertising is the second advertising segment in term of gross right behind internet and then below that you have some negative one like TV marketing as an example. So, it still growing, obviously it will fluctuate with overall macro level environment. Last year, it was falling and this year, it still growing.

Currently, the dynamic there we’ve seen is still very positive. We’ve had over 11 quarter of double digit ink volume growth and that’s our way to measure how our customers are doing from a business perspective. So double digit growth from an ink volume perspective the 11th quarter now and Q2 was in line there. So very strong growth from there, We believe they’re gaining jobs from the analog ways and from the out-of-home advertising board that we have seen.

And then the third dynamic is that we continue to innovating that environment. We continue to come up with new products. We -- EFI has about four new products coming out in the next six months in the second half of 2012.

Last year, we came out with a new technology, the LED carrying the ink in a cold environment rather than heated environment which increased the application and lowered the cost. And innovation is really the way to continue to drop the printer growth in that segment. The printer growth is CapEx related and maybe more impact to what the macro level environment is.

Jim Suva - Citigroup

And how penetrated is that markets with digital?

Vincent Pilette

From a market perspective, we believe its 40, 45.

Jim Suva - Citigroup

Can you talk about your ink business and what the competitive dynamics there looks like and what percent of penetration of your existing customer base you have in that business?

Vincent Pilette

Yeah. Yeah. So, in the inkjet segment, industrial inkjet 45% of EFI revenue, we still have more printer revenue than ink revenue. And the reason is that the conversions from analog to digital is still going in full swing. And therefore the goal is really to dismiss the analog guys and increasing the installed base for us. So we’re focusing on the printer revenue. It still the majority of our revenue stream in that inkjet segment.

Second to that is the ink revenue, which has a better margins and is really proprietary to the printer. So those are big machines that to buy $0.5 million purchase price and you need to buy the ink and have EFI ink, you have an EFI printer service and warranty et cetera.

And so the attach rate to the printer is roughly 98%. The vast majority of our printer as attached ink. We provide -- we manufacture and provider the ink for the display graphic brands as VUTEk and Rastek. We manufacture and provide the ink for the labeling printer, which is the label for Jetrion and then we acquired Cretaprint for the ceramic tile printing industry that was printer only. And in that market, the ceramic tile manufacturing market, the ink is not proprietary to the printer and its provided by [Greece] companies for main big provider and that’s obviously an opportunities for us to continue to turn that into be applied on, manufacture our ink and attach it to our product.

Unidentified Analyst

Can you comment in on how that announcement by Lexmark to, in case, that might affect in your sales?

Vincent Pilette

So, Lexmark is more in the office on the inkjet. They are not in the industrial inkjet segment that’s why we are not. There is one of the confusion people had many times when we hear about HP result asking how does the inkjet on the debt committing back you assigned, the answer is none.

We are uniquely focused on industrial inkjet, which means providing again hardware and software and increasing for print professionals that has for their profession cruising on different materials could be ceramic tile printing with the construction industry, could be display graphics for the marketing industry and that’s why we’re not impacted by that, we not in the office.

Asiya Merchant - Citigroup

And does that also relate to your Fiery business, so the controllers there the multifunction printer controllers?

Vincent Pilette

So, Fiery, is also positioned on the high-end multifunction printers, where someone will have fully profession to managed the print floor with multiple printers and we need to have professional training to manage those suit. You will not find the Fiery in a whole way of a lot.

Asiya Merchant - Citigroup

Okay. I think we’re out of time. At this point, we’ll wrap it up.

Vincent Pilette

Thank you.

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